Thursday, February 22nd, 2024

Budget 2023: Country will bring green revolution, 19744 crore given for hydrogen mission


Highlights:

Regarding energy transition, the government has made a provision of 35 thousand crores in the budget.
The option of biogas and hydrogen is said to be better for decarbonization.
Private investment will also be made in this sector.

New Delhi. During Budget 2023, Finance Minister Nirmala Sitharaman said that the country is continuously working for the Green Revolution and for this the National Green Hydrogen Mission has been started. The government has sanctioned Rs 19744 crore for this. The government is continuously working seriously regarding energy resources. The country has already achieved the target of 40 per cent installed electricity capacity from non-fossil fuels by 2030 and has now increased its target to 50 per cent. This will also reduce the emission percentage significantly.

Along with this, hydrogen mission and green hydrogen policy have also been started to make the country an energy independent nation by 2047. The Finance Minister told that the government has made a provision of 35 thousand crores in the budget for energy transition.

read this also: Income Tax 2023 Budget: 5 big announcements on income tax, tax will not be applicable till 7 lakhs, how much your tax will change

decarbonization opportunity
The government is now serious about alternative fuel and for this it is moving towards hydrogen energy. Biogas and hydrogen are better options for decarbonization. Sitharaman said that along with the hydrogen mission, it will play a big role in the economic development of the country. On January 4, 2023, the National Green Hydrogen Mission worth Rs 19744 crore has been approved. Under this mission, by 2030, the demand for green hydrogen, production, use and export will be facilitated and an investment of more than 8 lakh crores will also be brought.

Read this also: Nirmala Sitharaman Qualification: Nirmala Sitharaman is not only Finance Minister, she is Master of Economics

The Finance Minister said that the lack of finance remains a problem in India’s climate action. We have largely met all our requirements from domestic sources so far. Now efforts are being made to raise private capital, as well as for this work like Sovereign Green Bond is also being done by the government. India’s initiative is noteworthy even on the international stage. The country is also actively working in global actions.

Tags: air pollution, budget, Finance Minister Nirmala Sitharaman, Hydrogen

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